Bitcoin Breaks above $60,000 Support, Struggles to Resume Upside Momentum

Apr 12, 2021 at 10:38 // News

If buyers sustain the current bullish momentum, Bitcoin will face resistance at the $62,000 high

BTC price has again broken above the $60,000 overhead resistance. This will be the second breakout within the past 48 hours. However, buyers are yet to sustain the bullish momentum above the overhead resistance, and the BTC price has never closed above it.

Bitcoin bulls were able to reclaim and break above the overhead resistance because the coin rebounded above the $59,000 support. In the previous price action, Bitcoin slumps to the $58,500 support as bulls buy the dips. The $58,000 support has been a crucial support for upside momentum.

BTC/USD is trading at $60,825 at the time of writing. On the upside, if buyers sustain the current bullish momentum, the King coin will face resistance at the $62,000 high. Nevertheless, Bitcoin will rally to $66,000 high, if buyers breach the $62,000 resistance zone. Conversely, if Bitcoin turns from the resistance zone, the market will decline again. In previous price action, BTC price plunged to $50,350 low after rejection from $62,000 high.

Bitcoin indicator reading  

The 21-day and 50-day SMAs are sloping northward indicating the uptrend. Bitcoin will rise as long as price is above the moving averages.BTC price is at level 61 of the Relative Strength Index period 14. It indicates that there is a possibility of price rising on the upside.

Bitcoin is approaching above the 80% range of the daily stochastic. It indicates that price has bullish momentum.

BTC_-_Coinidol_(12).png

Technical indicators:  

Major Resistance Levels – $62,000 and $64,000

Major Support Levels – $50,000 and $48,000

What is the next direction for BTC/USD?

Bitcoin is rising and approaching the $62,000 overhead resistance. Meanwhile, on April 2 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. This retracement indicates that Bitcoin will rise to level 1.618 Fibonacci extension or the high of $65,993.10. From the price action, BTC price is attempting to break above the $61,000 high.          

BTC_-_Coinidol_2_chart_(10).png

Disclaimer. This analysis and forecast are the personal opinions of the author that are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.

Source: https://coinidol.com/bitcoin-60000-support/

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